subject: The Good Of Payday Loans [print this page] Payday loans have numerous advantages over other modes of financial credit. The major one is that you get to have the money fast. The time from application to approval ranges from a few hours to a day at maximum. In some instances if you meet all the requirements you may walk into a provider"s office and come out in possession of the money. This is compared to the long times it takes other financial institutions to approve you for a loan.
Minimal requirements and checks
Another upside of payday loans is that it takes a short time since the requirements are not as much as you would require in a mainstream financial institution. They only need you to be eighteen years and above, one who is employed and you need to have a valid U.K. account. They only check that some of the providers may do is calling up your employer to verify your earnings.
Easy application
If you hate those many forms that they make you fill out at the bank then you will love payday loans. The process is short, fast and easy. You have the option to either walk to a provider"s office or apply for the loan online. In online application which you can do at the comfort of your home is the easiest. You get to have your loan approved and directly deposited to your account. This also ensures that your chances of rejection on a loan application are minimal.
Cheaper
Payday loans have also been shown to have a lower interest when compared to other short term loans. This comparison is usually made against unauthorised overdraft facilities. Making it the cheaper option.
Another advantage of a payday loan is that it can also act to supplement your income until the next time you get to receive your pay check.
Even with the many advantages of payday loans there exist a few critics. The critics contend that rolling over the loan may result in higher costs of the loans. It can also be debated as to the fact that those who take the loan tend to roll it over often which increases their money obligation.
